The presence of oil and gas, as well as other reserves, is another opportunity for economic development in the Kurdistan Region, especially the existence of gas as an important source of energy that has a great impact on the world economy. Kurdistan has rich oil and gas resources. According to experts, Kurdistan’s oil reserves are estimated at 45 billion barrels (about 7.2 × 109 m3), making Kurdistan the sixth largest country in the world.
Oil production in the Kurdistan Region began in mid-2007, after the Kurdistan Regional Government (KRG) returned the lands that the former Ba’athist regime had occupied and confiscated from the Kurds in the cities after the uprising. In mid-2007, the KRG invited foreign enterprises to invest in 40 new oil fields, hoping to increase oil production in the region over the next few years to five current production capacities, about one million barrels per day (160.000 m3). In addition to oil, Kurdistan also has abundant oil and gas resources, with a gas-to-oil ratio of more than 2,800 m3 (100 × 1,012 cubic feet). Exxon Mobil, Total, Chevron, Talisman Energy, Russian Gazprom, Genal Energy, Hunt Oil, Gulf Keystone Petroleum, Marathon Oil and Dana are among the companies still operating in Kurdistan gas.
When focusing on the long-term future of energy resources, which will be linked to sustainable population growth and economic growth, it means growing demand for energy in various forms, mainly in emerging economies, most notably Asia’s fastest growing countries, including oil On top of energy resources, global demand will continue to grow until 2040, according to the International Energy Agency. When enlightening on the distant future, one must keep in mind the fact that oil field production is little, since no oil field has an uncertain future, but each field has a predetermined life.
The Kurdistan Region’s economy will grow better if it relies on agriculture, industry and tourism for the future, so that it will no longer be a vague economy like the financial crisis that the region has been in for several years. With a favorable climate, favorable nature, fertile soil, fresh water, Kurdistan has great opportunities for the development of agriculture, tourism and livestock, which is one of the strongest areas of the economy of any country. Thus Kurdistan has this opportunity if the authority keeps works on it.